Living in the Sacramento area, you might have noticed a gap in the market for a contractor business that puts your skills to the test. Whether this is a handyman business or a plumbing company, you need to follow a particular number of steps to take your idea and turn it into a profit-turning business. However, even after spending time honing in on a niche, assessing the current market, and working out a business plan, the work doesn’t stop there.
In this guide, we will detail everything you need to know about bringing your business to life and how to keep it successful in the long term.
Register your business
You have the idea, the name, and a business plan, but to bring your business to fruition, you need to register it with the state. You need to ensure that the name you want is available; if it is, you can go ahead and register your business, and even trademark it if you wish.
Registering your business will give you your identity and determine what kind of business you are, e.g., sole proprietorship, partnership, or private limited liability company. As a registered LLC, this will also prevent you from being personally liable if you are sued.
Apply the legal requirements
As a contractor business, you will need to explore the different permits and licenses you need to have for carrying out your business practices. Without these in place, you could find yourself with huge fines, which is not an ideal start for your company just coming into the industry.
Some examples of permits you may need to have include:
Local business license
Building permits (if you are building or buying an existing building for your company)
Construction permit
You will also need to register your business for federal taxes before you open, as well as self-employment taxes, employee taxes (if you have them), and state taxes.
Build your website and boost your presence
The best way to bring your business to life is to see it visually on the screen. It is easier than ever to build a website. However, you can get in contact with a professional company if you don’t feel your skills stretch this far, as they will be able to create you a fully functioning website that truly defines your business.
This will bring you nicely onto boosting your online presence. With the help of SEO strategies, you will be able to get the word out that your business is here and direct traffic to your website!
Keep your business protected
As you start to build your business and it becomes real, you need to set about protecting it. This doesn’t just mean from thieves looking to steal your equipment, but actually against issues that could affect you financially, in terms of property damage and injuries. You need to ensure that your business is covered with contractors insurance. This will provide you with the peace of mind you need to carry out your work without the fear that something could go wrong. Not only this, but with insurance, you can be confident that your customers value your professionalism for putting this in place.
Open up bank accounts
Open up a separate bank account to your personal one to ensure that you are able to keep track of all business finances (your incomings and expenses). This will make invoicing easier, but will also provide your business with credibility.